News Release

Warsaw

Allianz-led consortium acquires Silesia City Center for €412 million

2013-05-29T05:00:00Z

The international consortium of investors led by Allianz has acquired from Immofinanz Group the Silesia City Center – one of the biggest shopping centers in Poland. The acquisition, worth €412 m, is the largest transaction on the Central Eastern European market this year. The transaction is expected to be concluded in September, after obtaining approval from the Office of Competition and Consumer Protection. Jones Lang LaSalle advised Allianz on the acquisition process.

Silesia City Center, with a GLA ca 86 000 sq m is one of biggest shopping centers in Poland, and the biggest project of its kind in Silesia region. The center is very popular both among tenants and clients – over 15 million people visited it in 2012 alone. The property, which has claimed numerous international and Polish awards and is widely known for its unique and comprehensive offer, accommodates over 300 retail stores of local and global brands and services. In addition, it boasts a wide range of food court units as well as an entertainment area. The center is also a good example of a successful revitalization project as it was built on the premises of the former Gottwald mine.

Agata Sekuła, Head of Retail Investment, Central Europe, Jones Lang LaSalle, comments: “Acquisition of the Silesia City Center, one of the flagship shopping centers in Poland, by consortium led by Allianz, proves that prime, well – located and stable retail assets in regional cities, combined with a coherent and broad retail range, service and entertainment offer, continue to attract international investors’ interest. This transaction further enhances the position of Poland, throughout Europe as a stable, transparent market with strong fundamentals and development prospects, which are key factors for the investment activities of leading market players”.

Poland came in strong with an investment volume of €870 million in the first four months of 2013. Jones Lang LaSalle expects investment volumes for 2013 to come in close to 2012's record (€2.75 billion).